<p>资生堂公司（JP:4911）已召开其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>TipRanks 黑色星期五促销</h3>
<ul>
<li>享受 TipRanks Premium 60% 的折扣，获取数据支持的洞察和研究工具，让您自信投资。</li>
<li>订阅 TipRanks 的智能投资者精选，通过我们高表现的模型投资组合查看我们的数据 - 现在也享受 60% 的折扣。</li>
</ul>
<p>资生堂的财报电话会议反映出在挑战中的乐观情绪</p>
<p>资生堂公司最近的财报电话会议描绘了一幅谨慎乐观的画面。公司在第三季度报告了积极的转变，EMEA 地区和日本的电子商务部门实现了强劲增长。然而，挑战依然存在，特别是在美洲以及某些品牌如 Drunk Elephant。尽管资生堂正在恢复的道路上，但其财务结果中仍显现出显著的障碍。</p>
<h2>积极的第三季度转变</h2>
<p>经过一段时间的重整，资生堂在第三季度实现了积极的回报。销售势头表明公司已回到增长轨道，标志着其恢复努力的重要里程碑。</p>
<h2>结构性改革与盈利能力</h2>
<p>资生堂第三季度的累计核心营业利润超过 300 亿日元，接近最初的 365 亿日元目标。这一改善归因于成本降低和严格的财务纪律。</p>
<h2>自由现金流超出预期</h2>
<p>公司的自由现金流预计将达到 350 亿日元，超出最初预测的 200 亿日元，展示了有效的财务管理。</p>
<h2>EMEA 地区强劲表现</h2>
<p>EMEA 地区表现强劲，同比增长 22%，即使在排除比较基数效应的情况下也实现了两位数增长。</p>
<h2>日本电子商务增长</h2>
<p>日本的电子商务销售在第三季度增长了 20% 左右，得益于战略投资和忠实用户的购买增加。</p>
<h2>香水部门强劲增长</h2>
<p>EMEA 地区的香水销售显著增长，Zadig &amp; Voltaire 品牌在第三季度增长超过 70%，而 narciso rodriguez 和 ISSEY MIYAKE 维持了两位数的增长。</p>
<h2>美洲业务挑战</h2>
<p>公司记录了美洲业务的非现金商誉减值损失，导致对 2025 年营业利润和净利润预测的下调。</p>
<h2>Drunk Elephant 销售下降</h2>
<p>由于 Drunk Elephant 销售的急剧下降，资生堂面临重大挑战，影响了整体销售数字。</p>
<h2>旅行零售市场疲软</h2>
<p>旅行零售市场依然充满挑战，受到中国游客消费疲软和价格竞争加剧的影响。</p>
<h2>净销售额下降</h2>
<p>2025 财年前九个月的累计净销售额为 6938 亿日元，同比下降 3%，主要由于中国、旅行零售和 Drunk Elephant 的销售下降。</p>
<h2>记录净亏损</h2>
<p>由于非经常性项目和商誉减值损失，公司在本季度录得 440 亿日元的净亏损。</p>
<h2>前瞻性指导</h2>
<p>在 2025 财年第三季度电话会议上，资生堂提供了关于其战略计划和财务前景的广泛指导。公司目标是在 2026 年实现 7% 的核心营业利润率，并计划通过结构性改革在 2026 年前实现 250 亿日元的成本节约。预计当年的自由现金流将超过最初预测，达到 350 亿日元，同时维持每股 40 日元的年度股息。公司还概述了在护肤和香水类别中，特别是在品牌创新和地理扩展方面的战略重点，以推动增长并在 2030 年前实现超过 10% 的核心营业利润率。</p>
<p>总之，资生堂的财报电话会议反映出公司正在转型，恢复的积极迹象与持续的挑战相辅相成。情绪谨慎乐观，战略计划已到位，以应对当前的障碍并利用关键细分市场和地区的增长机会。</p>

资生堂

<p>资生堂第三季度的财报电话会议显示出在挑战中谨慎乐观。公司在欧洲、中东和非洲以及日本的电子商务方面报告了强劲的增长，但在美洲和 Drunk Elephant 方面面临障碍。核心营业利润超过 300 亿日元，自由现金流超出预期。尽管净亏损达到 440 亿日元，资生堂仍计划到 2026 年实现 7% 的营业利润率，专注于品牌创新和地理扩展以推动增长</p>

<p>Shiseido Company,Limited ((JP:4911)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>资生堂公司（JP:4911）已召开其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>TipRanks Black Friday Sale</h3>
<div class="lb-trans"><h3>TipRanks 黑色星期五促销</h3>
</div><ul>
<li>Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.</li>
<li>Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio -  now also 60% off</li>
</ul>
<div class="lb-trans"><ul>
<li>享受 TipRanks Premium 60% 的折扣，获取数据支持的洞察和研究工具，让您自信投资。</li>
<li>订阅 TipRanks 的智能投资者精选，通过我们高表现的模型投资组合查看我们的数据 - 现在也享受 60% 的折扣。</li>
</ul>
</div><p>Shiseido’s Earnings Call Reflects Optimism Amid Challenges</p>
<div class="lb-trans"><p>资生堂的财报电话会议反映出在挑战中的乐观情绪</p>
</div><p>The recent earnings call for Shiseido Company, Limited painted a picture of cautious optimism. The company reported a positive turnaround in the third quarter, with strong growth in regions like EMEA and Japan’s e-commerce sector. However, challenges persist, particularly in the Americas and with certain brands such as Drunk Elephant. While Shiseido is on a recovery path, significant hurdles remain evident in their financial results.</p>
<div class="lb-trans"><p>资生堂公司最近的财报电话会议描绘了一幅谨慎乐观的画面。公司在第三季度报告了积极的转变，EMEA 地区和日本的电子商务部门实现了强劲增长。然而，挑战依然存在，特别是在美洲以及某些品牌如 Drunk Elephant。尽管资生堂正在恢复的道路上，但其财务结果中仍显现出显著的障碍。</p>
</div><h2>Positive Q3 Turnaround</h2>
<div class="lb-trans"><h2>积极的第三季度转变</h2>
</div><p>After a prolonged period of resetting, Shiseido achieved a positive return in the third quarter. The sales momentum indicates that the company is back on a growth trajectory, marking a significant milestone in its recovery efforts.</p>
<div class="lb-trans"><p>经过一段时间的重整，资生堂在第三季度实现了积极的回报。销售势头表明公司已回到增长轨道，标志着其恢复努力的重要里程碑。</p>
</div><h2>Structural Reforms and Profitability</h2>
<div class="lb-trans"><h2>结构性改革与盈利能力</h2>
</div><p>Shiseido’s cumulative core operating profit for the third quarter exceeded JPY 30 billion, bringing it closer to the initial target of JPY 36.5 billion. This improvement is attributed to cost reductions and strict financial discipline.</p>
<div class="lb-trans"><p>资生堂第三季度的累计核心营业利润超过 300 亿日元，接近最初的 365 亿日元目标。这一改善归因于成本降低和严格的财务纪律。</p>
</div><h2>Free Cash Flow Exceeds Expectations</h2>
<div class="lb-trans"><h2>自由现金流超出预期</h2>
</div><p>The company’s free cash flow is expected to reach JPY 35 billion, surpassing initial forecasts by JPY 20 billion, showcasing effective financial management.</p>
<div class="lb-trans"><p>公司的自由现金流预计将达到 350 亿日元，超出最初预测的 200 亿日元，展示了有效的财务管理。</p>
</div><h2>EMEA Strong Performance</h2>
<div class="lb-trans"><h2>EMEA 地区强劲表现</h2>
</div><p>The EMEA region demonstrated robust performance with a 22% year-on-year increase, achieving double-digit growth even when excluding comparison base effects.</p>
<div class="lb-trans"><p>EMEA 地区表现强劲，同比增长 22%，即使在排除比较基数效应的情况下也实现了两位数增长。</p>
</div><h2>Japan E-Commerce Growth</h2>
<div class="lb-trans"><h2>日本电子商务增长</h2>
</div><p>E-commerce sales in Japan rose by mid-20% in the third quarter, driven by strategic investments and increased purchases from loyal users.</p>
<div class="lb-trans"><p>日本的电子商务销售在第三季度增长了 20% 左右，得益于战略投资和忠实用户的购买增加。</p>
</div><h2>Strong Growth in Fragrance Segment</h2>
<div class="lb-trans"><h2>香水部门强劲增长</h2>
</div><p>Fragrance sales in EMEA saw significant growth, with brands like Zadig &amp; Voltaire up over 70% in Q3, and narciso rodriguez and ISSEY MIYAKE maintaining double-digit growth.</p>
<div class="lb-trans"><p>EMEA 地区的香水销售显著增长，Zadig &amp; Voltaire 品牌在第三季度增长超过 70%，而 narciso rodriguez 和 ISSEY MIYAKE 维持了两位数的增长。</p>
</div><h2>Americas Business Challenges</h2>
<div class="lb-trans"><h2>美洲业务挑战</h2>
</div><p>The company recorded a noncash goodwill impairment loss for its Americas business, leading to a downward revision of operating profit and net profit forecast for 2025.</p>
<div class="lb-trans"><p>公司记录了美洲业务的非现金商誉减值损失，导致对 2025 年营业利润和净利润预测的下调。</p>
</div><h2>Drunk Elephant Sales Decline</h2>
<div class="lb-trans"><h2>Drunk Elephant 销售下降</h2>
</div><p>Shiseido faced significant challenges due to a sharp decline in Drunk Elephant sales, impacting overall sales figures.</p>
<div class="lb-trans"><p>由于 Drunk Elephant 销售的急剧下降，资生堂面临重大挑战，影响了整体销售数字。</p>
</div><h2>Travel Retail Market Weakness</h2>
<div class="lb-trans"><h2>旅行零售市场疲软</h2>
</div><p>The travel retail market remains challenging, affected by weaker spending among Chinese travelers and intensified price competition.</p>
<div class="lb-trans"><p>旅行零售市场依然充满挑战，受到中国游客消费疲软和价格竞争加剧的影响。</p>
</div><h2>Net Sales Decline</h2>
<div class="lb-trans"><h2>净销售额下降</h2>
</div><p>Cumulative net sales for the first nine months of fiscal year 2025 were JPY 693.8 billion, a decline of 3% like-for-like, mainly due to lower sales in China, Travel Retail, and Drunk Elephant.</p>
<div class="lb-trans"><p>2025 财年前九个月的累计净销售额为 6938 亿日元，同比下降 3%，主要由于中国、旅行零售和 Drunk Elephant 的销售下降。</p>
</div><h2>Net Loss Recorded</h2>
<div class="lb-trans"><h2>记录净亏损</h2>
</div><p>The company posted a net loss of JPY 44 billion for the quarter due to nonrecurring items and goodwill impairment losses.</p>
<div class="lb-trans"><p>由于非经常性项目和商誉减值损失，公司在本季度录得 440 亿日元的净亏损。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>During the fiscal year 2025 third quarter call, Shiseido provided extensive guidance on its strategic plans and financial outlook. The company aims for a core operating profit margin of 7% in 2026, with plans to achieve JPY 25 billion in cost savings by 2026 through structural reforms. Free cash flow for the year is expected to surpass initial forecasts, reaching JPY 35 billion, while maintaining an annual dividend of JPY 40 per share. The company also outlined a strategic focus on brand innovation and geographic expansion, particularly in skincare and fragrance categories, to drive growth and achieve a core operating profit margin above 10% by 2030.</p>
<div class="lb-trans"><p>在 2025 财年第三季度电话会议上，资生堂提供了关于其战略计划和财务前景的广泛指导。公司目标是在 2026 年实现 7% 的核心营业利润率，并计划通过结构性改革在 2026 年前实现 250 亿日元的成本节约。预计当年的自由现金流将超过最初预测，达到 350 亿日元，同时维持每股 40 日元的年度股息。公司还概述了在护肤和香水类别中，特别是在品牌创新和地理扩展方面的战略重点，以推动增长并在 2030 年前实现超过 10% 的核心营业利润率。</p>
</div><p>In conclusion, Shiseido’s earnings call reflects a company in transition, with positive signs of recovery tempered by ongoing challenges. The sentiment is cautiously optimistic, with strategic plans in place to address current hurdles and capitalize on growth opportunities in key segments and regions.</p>
<div class="lb-trans"><p>总之，资生堂的财报电话会议反映出公司正在转型，恢复的积极迹象与持续的挑战相辅相成。情绪谨慎乐观，战略计划已到位，以应对当前的障碍并利用关键细分市场和地区的增长机会。</p>
</div>

资生堂第三季度财报电话会议：在挑战中保持乐观